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Daily Technical Strategist: EURUSD

EURUSD: Takes Aim At The 1.4248/79 Levels.

EURUSD:  The pair continues to hold within its bullish channel. With a halt in its corrective declines seen and an offensive launched on the upside, risk of a retarget of the 1.4248/79 level is now building up. A loss of this zone will aim at the 1.4576 level, its Jan 2010 high and possibly higher towards the 1.4902 level.  Its daily stochastic is bullish and pointing higher supporting this view. Alternatively, channel support at 1.4089 comes in as the next downside objective followed by the 1.3852 level, its Mar 15’2011 low with a breach of that level allowing for more declines towards the  1.3754 level. A halt in declines is likely at this level if tested.  However, its clearance will pave the way for a move lower towards its Feb 28’2011 low at 1.3710.

(Daily Technical Strategist